News stories from Monday September 15, 1975

Summaries of the stories the major media outlets considered to be of particular importance on this date:

The Federal Reserve Board said that industrial production rose strongly in August, further evidence of the economy's recovery. The increase in output of the nation's factories, mines and utilities last month was 1.3 percent, the largest of four consecutive monthly rises in the industrial production index. While the industrial production figures seem to confirm a more or less "classic" recovery from a deep recession, they do not give any real clue to how long the recovery will continue. [New York Times] The New York state government was warned by Standard & Poor's investment rating service that further emergency assistance to New York City would jeopardize the state's AA credit rating and fiscal integrity. Governor Carey, quickly responding to the warning, said that it "supports precisely" his position that no further action by the state was possible and that some sort of federal help was needed. The Governor's view was supported by Warren Anderson, the state Senate majority leader. [New York Times] The Senate Select Committee on Intelligence has heard testimony that the Central Intelligence Agency had sent poison to an African outpost for use in killing Patrice Lumumba, the Congolese leader. Mr. Lumumba was deposed as Premier of the Congo (now Zaire) in 1960. But the poison was never used, according to sources familiar with the testimony, which is expected to be part of the committee's forthcoming report on assassination plots. [New York Times] A new study of men who habitually smoke marijuana has confirmed earlier studies linking marijuana use to diminution of the male sex hormone testosterone that can result in impotence or infertility. The latest study, described by the newly formed International Academy for Sex Research, clearly shows that marijuana can interfere with the production of the sex hormone, and that when marijuana smoking stops testosterone increases. [New York Times] Other previously unreported United States assurances to Israel under the Sinai agreement were made known by well-placed sources on the eve of the arrival in Washington of the Israeli Defense Minister, Shimon Peres, who will discuss his country's long-term defense requirements. It was said that the United States, as part of the Sinai agreement, had agreed with Israel to conduct a joint study of Israel's future defense needs and to develop a contingency plan for the supply of military equipment to Israel in a new Middle East emergency. [New York Times] At midnight a fireworks display lit up the sky over Port Moresby to signal the beginning of independence for Papua New Guinea, which since 1906 had been territory of Australia. The Australian flag was lowered for the last time at dusk and handed to Prince Charles of Britain, who gave it to Australia's Governor General, Sir John Kerr. Thus were completed the efforts of the Australian government under Prime Minister Gough Whitlam to thrust Papua New Guinea into independence, thereby shedding the stigma of colonial rule. [New York Times] France has invited major developed and developing countries to reconvene a preparatory meeting on energy and other problems of the world's rich and poor nations. An announcement by the Elysee Palace said that conditions were now favorable for resumption of the dialogue that broke down last April. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 803.19 (-6.10, -0.75%)
S&P Composite: 82.88 (-0.42, -0.50%)
Arms Index: 1.36

	Issues	Volume*
Advances	375	1.72
Declines	894	5.58
Unchanged	439	1.37
Total Volume		8.67

* in millions of shares

Arms Index is the ratio of volume per declining issue to volume per advancing issue; a figure below 1.0 is bullish.

Market Index Trends
Date	DJIA	S&P	Volume*
September 12, 1975	809.29	83.30	12.23
September 11, 1975	812.66	83.45	11.10
September 10, 1975	817.66	83.79	14.78
September 9, 1975	827.75	84.60	15.79
September 8, 1975	840.11	85.89	11.50
September 5, 1975	835.97	85.62	11.68
September 4, 1975	838.31	86.20	12.81
September 3, 1975	832.29	86.03	12.26
September 2, 1975	823.59	85.48	11.46
August 29, 1975	835.34	86.88	15.48